Thread by @SawyerMerritt

NEWS: Adam Jonas Just Put Out An Extensive 17 page Research Report on $TSLA Aviation:

"The chance that Tesla doesn't ultimately offer products & services to the eVTOL/UAM market is remote. The potential skills transferability & network adjacencies are too strong to ignore"

1/17

"Based on our global eVTOL/UAM model (a $9tn TAM by 2050), discounted back to the present on a per-share basis, we’re coming up with potential preliminary outcomes on the order of $100 per Tesla share on low-end to approximately $1,000 per Tesla share (or more) on the high end."

3/17

4/17

5/17: "We estimate Tesla battery production to be in the range of 500GWh to 1TWh by 2030."

"Tesla's arguably the most vertically integrated auto manufacturer in the world; We look at the opening of manufacturing in Berlin/Austin as an opportunity to demonstrate how much more efficient their manufacturing process can be compared to Fremont & even compared to Shanghai"

7/17: Tesla Aviation could be worth over $1.5 Trillion

8/17

9/17: "Our key message to investors: Temper your excitement with patience. The market opportunity for eVTOL/UAM could be far bigger than you think, but we believe it may require decades to reach high volume commercialization"

10/17

11/17

12/17

13/17

14/17

15/17: "Bull Case: An Aerial Society: Global Total Addressable Market: ~$4.4t n by 2040 and $18.9tn by
2050 (~11 to 12% of projected Global GDP)."

16/17

17/17

I have put the full report in a Google Drive for anyone to access. The link is below. And before you say anything, yes Morgan Stanley is fine with this lol.

Link to full report: drive.google.com/drive/folders/…